I panicked when I got letter in the mail from Chase yesterday saying that they are closing one of my credit card accounts. The reasons stated were:
- Bankcard balance grew too fast compared to credit limit and time on file
- Too few accounts with time on file greater than 36 months
- The number of bankcards opened has grown too fast
After a bit of research, I found that none of the reasons given were legitimate. The account closed was my oldest credit card account and has not had a balance for over two years. On top of that, I closed a half dozen credit card accounts about six months ago and have paid off two more since.
Basically, Chase gave me the boot because they weren’t making any money.
yes, some credit card companies are like that.
Yea Chase did the same thing to me. From what I have read they arent supposed to be able to just close a card without giving you a reason, thus the reasons you got but lying about the reasons doesnt make that legal.
You can call them and have them reopen the account if this was recent, as it does hurt your credit.
Stupid Chase, I have had nothing but trouble with them and then they went and eat Wamu which I banked with…now all my accounts give me trouble.
Jesse – I’ve used chance since I first opened a checking account in 1997 and have had very few problems, but this just sounds like an excuse to purge some accounts from the books.